tax rebate Tag

- Exposing the false beliefs of the financial world
Myth: You should avoid paying off "good debts" like home mortgages so you can get a bigger deduction on your taxes.Truth: Making any financial decision based solely on the amount of a tax deduction is a really, really bad idea.
This is really a matter of simple math. For most of us, taxes take 25 to 30 cents of every dollar we make. So spending money for the sake of a tax deduction means you are willing to spend $100 to save $30 in taxes. So in a practical example, if you have a $100,000 mortgage at 6% interest, you are paying roughly $6,000 per year in interest to the bank to avoid sending $2,000 to the IRS. Where does that make sense? The truth is we are so afraid of paying taxes that we over-rationalize to ourselves until we are convinced that it makes sense to borrow money to save on taxes.

Over the last year or so, I've been receiving an email from the "IRS" telling me there is an extra tax refund available to me. Sounds great, especially in tax season but there's a problem with the letter. This letter is a phishing...

What it means for you.
There has been an awful lot of discussion in the news about the Economic Stimulus package. There has also been a lot of confusion. Today we'll try to shed a little light on the package and what to do with the...